BOC Aviation sees $787 million net profit in 2025

BOC Aviation reported a net profit after tax (“NPAT”) of US$787 million for 2025. This was driven by an 18% improvement in underlying earnings, which increased to US$746 million from US$633 million. The company’s balance sheet increased to over US$26 billion, with total equity of US$6.8 billion and it generated a record US$2.2 billion in operating cash flow net of interest expense. The company said it surpassed its targeted investment level in 2025 with US$4.2 billion in new capital expenditure. During the year it also committed to acquire a further 160 aircraft and ended the year with total committed capital expenditure of US$19 billion and an orderbook of 337 aircraft. “We achieved strong underlying earnings growth in 2025 as we took delivery of aircraft as scheduled and hit our investment goals,” said Steven Townend, Chief Executive Officer and Managing Director, BOC Aviation. “Looking ahead, we have our company’s largest ever orderbook and ended the year with the largest ever amount of committed liquidity, providing us with a strong base to achieve our long-term growth targets.” Financial Highlights Total revenues and other income rose 2% year-on-year, to US$2.6 billion Net profit after tax was US$787 million Underlying net profit after tax was US$746 million, excluding insurance recoveries Reported earnings per share of US$1.13 and net assets per share of US$9.86 Operating free cash flow net of interest rose 17% to a record high of US$2.2 billion Total assets of US$26.3 billion as at 31 December 2025 Raised US$4.3 billion of new debt financing comprising US$3.3 billion of loans and US$1.0 billion of bonds Maintained strong liquidity of US$6.9 billion The Board recommended a final dividend for 2025 of US$0.3061 per share, bringing the total dividend for the financial year 2025 to US$0.45371 per share, equivalent to 40% of net profit after tax. As at 31 December 2025, BOC Aviation had: A total portfolio of 815 aircraft and engines owned, managed and on order. The average aircraft age was 5.0 years with an average owned aircraft remaining lease term of 7.8 years, each weighted by net book value An orderbook of 337 aircraft A managed fleet comprising 16 aircraft A customer base of 87 airlines in 46 countries and regions in the owned and managed portfolios Maintained owned aircraft utilisation at 100% throughout the year Executed 333 transactions in 2025, including: Commitments to purchase 160 aircraft Delivery of 51 aircraft and two engines Sales of 35 owned and one managed aircraft, and one owned engine 74 lease commitments For Editorial Inquiries Contact: Editor Matt Driskill at [email protected] For Advertising Inquiries Contact: Head of Sales Sally Passey at [email protected]